If you love renovating older houses and making them feel like home, fix-and-flip investing is your calling!
The popularity of house flipping has risen steadily in recent decades. Flips now represent between 5%-6% of all homes on the market. Return on investment varies widely depending on the project and the area, but in some markets, you can see an ROI of more than 100%!
As experienced house flippers know, one of the most important steps in the process is finding the right property to flip. If you don’t have good systems set up to help, this can feel like a full-time job.
So, how can you sort out which properties are a good investment and which aren't? Here's how:
Narrow Your Scope to a Few Neighborhoods
The easiest way to start the search for your next fix-and-flip property is to narrow your scope.
This way, you can become familiar with the unique features of the area such as public transit routes, desirable streets, and school districts. This expertise will help you judge whether a home is suitable and allow you to make offers that sellers are more likely to accept.
Check Out Foreclosure Auctions
Foreclosure auctions can be a great way to find homes that need a bit of work and can be purchased for below market price.
However, be aware that getting financing to purchase one of these homes is difficult, and as a result, most transactions are cash only.
Comb Through Off-Market Listing Data
When the competition is stiff for on-market properties, it may be time to start looking off the market.
With PropStream, you can do a property search using a specific ZIP code, parcel number, county, or city. This will help you find off-market listings faster so you can swoop in with an offer before the competition.
Launch a Postcard Campaign
Sometimes, homeowners looking to sell their homes are willing to do it privately if you get in touch with them before they put their home on the market.
That’s where a targeted postcard campaign comes in handy. With PropStream, you can generate a targeted list of leads using specific search criteria, then design and mail postcards right from our platform.
PropStream Can Help You Find the Right Property
When you’re working with multi-sourced property data from PropStream, it’s so much easier to find the right property for your next fix-and-flip.
Our simple solution gives you 24/7 access to the data you need so you can pinpoint the best leads and close more deals.
Want to learn more about planning your fix and flip? Check out our latest Academy course: Fix and Flip Like a Pro: Find Properties &Maximize ROI!